Question
Q 1. Which of the following applies to the Canada Pension Plan (CPP)? Select one: a. You will collect more total CPP if you claim
Q 1. Which of the following applies to the Canada Pension Plan (CPP)?
Select one:
a. You will collect more total CPP if you claim it at age 60.
b. It is a tax free benefit.
c. All Canadians are entitled to it.
d. You can apply between the ages of 60 and 70.
Q 2. A holographic will must
Select one:
a. be prepared by a lawyer.
b. be written solely in the handwriting of the testator.
c. be prepared by legal counsel.
d. be witnessed by a notary or lawyer.
Q 3. When considering joint ownership of assets for estate planning (specifically joint ownership with rights of survivorship) it is important to understand
Select one:
a. that capital gains taxes will be deferred on this transaction until the survivor passes.
b. how the spousal roll-over rules will impact capital gains taxation.
c. the implications of giving up your decision making power over the asset.
d. that naming a child as a joint owner of your principal residence will trigger a capital gain.
Question 4
Whole life insurance has a premium that
Select one:
a. declines.
b. is fixed.
c. increases.
d. is variable.
Question 5
The market for newly issued securities and initial public offerings (IPOs) is the
Select one:
a. primary market.
b. initial market.
c. original market.
d. secondary market.
Question 6
What type of insurance is provided over a specified time period and does not build cash value?
Select one:
a. Term
b. Variable life
c. Whole life
d. Universal life
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